Global Blockchain Technology Market to Expand at a CAGR of ~68% on the Back of Growing Adoption of Blockchain Solutions for Various Applications
Kenneth Research published a report titled “Blockchain Technology Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of blockchain technology in terms of market segmentation by component, type, application, provider, industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global blockchain technology market was valued at approximately USD 6 Billion in 2021 and further grow at a CAGR of nearly 68% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing adoption of blockchain solutions to safeguard data, and various other applications, such as smart contracts, digital identity payments, and many more. The market is segmented by type into public, private, and hybrid, out of which, the public segment is expected to witness the highest growth during the forecast period owing to growing need of many organizations and government on building up a structured, safe, and well-organized transaction base.
Geographically, the global blockchain technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region, out of which, the Asia Pacific region is expected to witness growth at a CAGR of 50% on the back of rapid rise in the adoption of blockchain technology by the organizations in the region to protect their data against cyber-attacks and ensure full safety to their clients, and an increase in the investments by major companies in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
Rise in Investments in Blockchain Technology over Increasing Cyber Threats to Boost Market Growth
These days, with increasing cyber-attack incidences, organizations are relying on cloud-based technology for storage of important information and data to protect them against cyber-attacks and data breaching. This is driving increasing investments in blockchain technology around the world. The global spending on blockchain technology is estimated to reach nearly USD 20 billion by 2024. These factors are expected to boost the growth of the global blockchain technology market.
However, lack of awareness regarding blockchain technology, along with uncertain rules and regulations, and a skilled workforce are restraining the market growth. Furthermore, slow adoption of new technological advancements are also hindering the growth of the market.
This report also provides the existing competitive scenario of some of the key players of the global blockchain technology market which includes company profiling of Intel Corporation, Microsoft, IBM, Oracle, Tata Consultancy Services Limited, Wipro Limited, Infosys Limited, LeewayHertz, Dragonchain, R3, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global blockchain technology market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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